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Korea’s Lotte & Megabox Cinema Chains Set To Merge Amid Key International Market’s Recovery Woes
In a move that could reshape the South Korea exhibition landscape Lotte Cinema and Megabox are set to merge
In the statement (translated from Korean), retail giant Lotte Group said merging the entities, which are engaged in movie theater operation and film investment/distribution businesses, is “a strategic decision to promote sustainable growth and strengthen customer-centered services in the rapidly changing content industry environment.” Attracting new investment and the Fair Trade Commission’s review of the potential combination is being sought “as quickly as possible,” the statement noted. A Lotte official said, “This MOU is intended to combine the strengths of both companies to enhance business competitiveness and financial strength and provide differentiated customer experiences,” adding, “We will strive to have a positive impact on the entire film industry ecosystem through the merger, such as expanding content diversity and improving audience services.”
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